MOVS raises new capital for expansion in Sweden and Europe with its own electric vehicles

The Swedish company MOVS raised approximately 45m SEK in a recently completed funding round. The leading subscription service for micro commuting will use this new capital to develop its own electric vehicles and digital platform and expand to new markets. Investors include Jula Holding and Svea Bank.

MOVS was founded with the vision to contribute to cleaner cities by facilitating sustainable commuting for their inhabitants. The company therefore offers flexible and priceworthy subscriptions for private vehicles such as bikes, e-bikes, e-scooters or e-mopeds. Following a successful launch year, showing a high demand for every vehicle type, further important investors are joining in.

- Many consumer brands are affected by a declining economy, but the opposite is applying to us as our service is suitable for those who want to reduce their monthly costs and avoid major investments. In addition, our market is driven by several major macro trends, such as an increased interest in subscriptions, sharing services, micro-mobility and sustainable travel, says Mikael Klingberg, CEO of MOVS Technology.

Svea Bank and Jula Holding have now chosen to include MOVS in their investment portfolios. This investment is completely in line with Jula Holding’s green strategy.

- By investing in sustainable environment and energy companies, we want to take responsibility and contribute to the development of a more sustainable and fossil-free society. MOVS contributes to sustainable cities and these are exactly the kind of ideas we want to promote. We are therefore very happy to be able to help them grow even faster, says Magnus Sigurd, Business Development Director, Jula Holding.

Svea Bank strongly believes in the subscription trend, and has partnered with several fast-growing companies with subscription-based business models, such as Synsam and Tryggsam.

- MOVS’ timing to offer subscriptions as a business model is perfect, in a segment that was previously characterized by the ownership of one’s means of transport. It is a global megatrend that we are observing revolutionizing one industry after the other, says Lennart Ågren of Svea Bank.

The new capital creates opportunities to expand to more Swedish cities as well further to more European countries. It will also be used to develop the company’s subscription platform and self-produced vehicles.

About Jula Holding

Jula Holding operates in retail, real estate, finance, logistics, environment, energy and hotels. The retail companies Jula and Hööks are part of the group together with Wästgöta Finans, Jula Logistics, G&K Blanks Fastigheter, Jula Hotell and Jula Energi & Miljö. Jula Holding's head office is located in Skara, Sweden. The group employs approximately 4,500 people and had sales of approximately 10.5 billion SEK in 2021.

About Svea Bank

Svea has financial operations in several European countries. With forty years of experience in helping companies with their liquidity, Svea Bank is a natural choice for many entrepreneurs when they need a financing partner. Svea Bank's vision is to be a leading financial player in Europe.